The Aussie dollar started its rally last Wednesday after official figures showed stronger-than-expect gross domestic product growth of 3.0% in 2015
The Australian dollar is soaring as positive US jobs figures helped boost risk sentiment.
At 0700 AEDT on Monday, the local unit was trading at 74.04 US cents, up from 73.17 cents on Friday.
The dollar surged to 74.38 US cents overnight, supported by a rising commodity futures prices.
The currency started its rally last Wednesday after official figures showed stronger-than-expect gross domestic product growth of 3.0% in 2015.
It continued its rise over the weekend following the release of the US non-farm payroll data showing the world’s biggest economy added 242,000 jobs in February, more than the expected 195,000.
Westpac economists said the surprise jobs boost raised the possibility the Federal Reserve would raise rates, weakening the US dollar.
They tipped the Australian dollar to maintain its rally into a sixth day on Monday.
‘The risk-seeking mood plus positive momentum could push it above 0.7445 today,’ the Westpac economists said in a note.
There are only minor risk factors for the Australian dollar on Monday with the ANZ’s job advertisements for February and the figures on overseas arrivals and departures for January due out.
Internationally, the Eurozone investor confidence survey, German factory orders for January and US labour market conditions are due for release.
AAP
